Key Takeaways
- • Inovia Capital has secured a $200 million first close for Inovia Capital Fund VI, its sixth venture capital fund, according to the primary source report.
- • The fund plans to deploy capital over three years, backing 25 to 30 startups across North America and Europe, with checks of $1 million to $10 million, including pre-revenue companies.
- • Target sectors include cybersecurity, health technology and computing infrastructure, where AI adoption is early but mature enough to deliver economic impact.
- • Fund VI is smaller than Inovia's fifth fund, which closed at $325 million in 2022.
- • AI-native startups accounted for 40% of software deal value in Canada in 2025, per Inovia's State of Software report.
Summary
Montreal-based Inovia Capital has secured $200 million in a first close for Inovia Capital Fund VI, its sixth venture capital fund. The firm plans to deploy the capital over three years, backing between 25 and 30 startups across North America and Europe. The fund will focus on sectors where AI is still early in adoption but mature enough to deliver economic impact, including cybersecurity, health technology and computing infrastructure. Inovia is prepared to write checks of $1 million to $10 million, including for pre-revenue companies.
Backers named in the report include La Caisse, the Business Development Bank of Canada, Investissement Québec, Teralys, the Fonds de solidarité FTQ, CIBC and Fondaction. Partner Magaly Charbonneau said the firm structured the fund in U.S. dollars to appeal to global teams.
The fund's AI focus reflects a sharp shift in investor attention. According to Inovia's State of Software report, AI-native startups accounted for 40% of software deal value in Canada in 2025. Fund VI is smaller than Inovia's fifth venture fund, which closed at $325 million in 2022. The raise also comes as Canadian capital increasingly flows into AI, with Toronto's Radical Ventures recently securing more than $1 billion for later-stage AI companies. Inovia's positioning differs in that it targets younger companies rather than providing growth-stage capital.
Backers named in the report include La Caisse, the Business Development Bank of Canada, Investissement Québec, Teralys, the Fonds de solidarité FTQ, CIBC and Fondaction. Partner Magaly Charbonneau said the firm structured the fund in U.S. dollars to appeal to global teams.
The fund's AI focus reflects a sharp shift in investor attention. According to Inovia's State of Software report, AI-native startups accounted for 40% of software deal value in Canada in 2025. Fund VI is smaller than Inovia's fifth venture fund, which closed at $325 million in 2022. The raise also comes as Canadian capital increasingly flows into AI, with Toronto's Radical Ventures recently securing more than $1 billion for later-stage AI companies. Inovia's positioning differs in that it targets younger companies rather than providing growth-stage capital.
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